According to BlockBeats news on November 22, as per the official announcement, in the third quarter of 2024, Gate Token (GT) completed on-chain destruction, totaling 2,244,543.9745556 tokens destroyed. As of now, the cumulative number of GT tokens destroyed has reached 174.1 million, with a circulation of approximately 96 million tokens, successfully achieving the phased goal of reducing the circulation to below 100 million tokens. Since the implementation of the GT destruction policy in 2019, the total supply has been reduced by approximately 58.06%, providing solid support for its long-term value.
In this quarter, GateChain completed the v1.1.6 mainnet upgrade, which significantly improved transaction confirmation speed, reduced user costs, and further optimized the GT token burning strategy. The Gate Web3 ecosystem has also undergone multiple updates in functionality and user experience, currently supporting over 100 public chains, with an additional 1.117 million users, becoming an important entry point into Web3.
In addition, the GT exclusive mining product has now been launched, providing a convenient and secure staking solution with an annualized yield of approximately 6.71%. For more details, please refer to GT Staking. In the future, GateChain will continue to focus on technological innovation, improve ecological construction, and provide more efficient blockchain infrastructure support for global users and developers.